USDJPY forms a new peak!
Hello friends, let's delve into USDJPY.
The US Dollar Index (DXY) has hit a one-week low as the Fed hints at three rate cuts this year. Meanwhile, the Bank of Japan (BoJ) maintained its accommodating financial stance early this week, without signaling any future policy steps or normalization pace.
Additionally, the prevalent risk-on mood may deter traders from betting heavily on the JPY as a safe haven, aiding a recovery of over 50 pips in USD/JPY from its daily low. Caution is advised before concluding that prices have peaked.
The US Dollar Index (DXY) has hit a one-week low as the Fed hints at three rate cuts this year. Meanwhile, the Bank of Japan (BoJ) maintained its accommodating financial stance early this week, without signaling any future policy steps or normalization pace.
Additionally, the prevalent risk-on mood may deter traders from betting heavily on the JPY as a safe haven, aiding a recovery of over 50 pips in USD/JPY from its daily low. Caution is advised before concluding that prices have peaked.
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